My house is almost a hundred years old. And while it might have some lovely period features (often estate agent speak for dilapidation), it also requires constant care. This makes good home insurance vital. Because I am an insurance geek and cover insurance at Forrester, insurance companies that get me as a customer are rather unlucky, for I will scrutinize their policies, contracts, and services. And so it happened that my last insurer interaction was not a happy one.

But this blog post isn’t about naming and shaming one particular brand. Based on my client interactions, I know that many insurers are struggling with claims — a complex process with many moving parts and stakeholders that is often just seen as a cost. That’s a missed opportunity.

Protecting customers in times of duress is the basic purpose of insurance, and yet only 57% of US online adults feel confident that their insurance company will treat them fairly when they have a claim.[1] Poor claims experiences have immediate business effect. In the UK, 71% of property & casualty insurance customers would consider switching providers if they had a bad claims experience.[2]

With the right approach, it’s possible to fulfill the promise given to customers while protecting the insurer’s bottom-line performance. At Forrester, we already advocate for a customer-obsessed approach to insurance transformation: using assets such as personas, customer journeys, and ecosystem maps to understand your current state and envisage the future state. And we are now mapping the top technologies impacting claims, evaluating their impact and maturity. This list will include mature technologies, such as claims management systems, as well as the less mature ones, such as cognitive automation and virtual assistants. The aim is to help you make informed decisions about which technologies to invest in and when to transform your claims experience.

If your firm is currently innovating claims or exploring emerging technologies in this space, please get in touch. I’d love to speak with you about what’s on your list and why. And stay tuned for more information on this upcoming research for the Forrester Tech Tide™ on claims management.

[1] Base: 4,509 US online adults. Source: Forrester Analytics Consumer Technographics® North American Financial Services Survey, Q4 2017 (US).

[2] Base: 2,000 UK online adults (16-plus years of age) who have insurance other than life insurance. Source: Forrester Analytics Consumer Technographics European Financial Services Surveys, H1 and H2 2017.